The game, which was scheduled for New Year's Eve at NRG Stadium in Houston, was canceled because of an increase in positive COVID-19 tests, injuries and other circumstances within TCU's program.
TCU athletic director Jeremiah Donati said in a statement that those issues left the Horned Frogs short of the Big 12's threshold for player availability.
It was set to be Arkansas' first bowl appearance since 2016. The Razorbacks received an invitation, despite a 3-7 record, because the NCAA waived win eligibility requirements this season due to scheduling difficulties stemming from the pandemic. The Razorbacks join Missouri, South Carolina and Tennessee as SEC teams that accepted a bowl invitation but will not play in one because of COVID-19 issues with one of the participating teams.
TCU's season concludes at 6-4. It is the second game the Horned Frogs had to cancel because of virus-related issues; they also canceled their season opener vs. SMU.